Portland ME Real Estate Analysis for Homes and Condos » Southern Maine Real Estate

Portland ME Real Estate Year in Review 2009

admin — Tue, 12 Jan 2010 17:12:36 +0000

The housing markets in Portland Maine finished out the 2009 year on a very strong note with prices leveling out, transaction volume rising, inventories decreasing and the Days on Market average holding steady. A total of 586 Portland Maine residential real estate transactions transpired in 2009 compared with 641 in 2008, a drop of about 9% year over year. The median sold price for all these transactions was 209K compared with 219K in 2008. No drop is a good one, but the greater Portland region as a whole lost about 10% of its value in 2009 thus Portland was well above the mean.

Going forward I am optimistic we shall see a strong first half of the year once all parties recover from the holiday season hangover, but as the first time home buyer tax credit expires and interest rates inevitably begin rising the 2nd half of the year may see some cooling off in the Southern Maine real estate markets.

Thanks for reading.

Portland Maine Condo Analysis

admin — Thu, 12 Nov 2009 21:38:26 +0000

Recently asked by a prospective buyer about how the Portland Maine condo market has faired I though I would compile a few housing statistics to see for myself. Currently there are 197 condos on the market offered at a median price of 220K.

Definitely overpriced for the most part when you take a look at the recent years sold statistics. In 2009 thus far the median condo has sold for 184K, down 14% from 2008’s figure of 214K. Not since 2007 has the median sales price been 220K!

This is not uncommon for sellers to have an unrealistic perspective of the market, partly our fault as real estate agents for sure . The current median days on market of this overpriced inventory sits at a whopping 165, almost half a year!!

Reasonably priced properties are selling as one can see by the median days on market for sold condos that has hovered around 60ish since way back in 2006.

Another important factor to take note of is the change in transaction volume! From a peak of 368 units in 2005 the n adjusted figure for 2009 has us on pace to sell just a few more than half of 2005’s figure.
For more information and analysis on the southern Maine real estate markets please reach out at 207-650-5383, Email: john@greentreemaine.com or by visiting my site www.mymaineproperty.com
Thanks for reading,
John Herrigel,
Green Tree Realty
Portland, Maine

Raw Data

Year	Units Sold	Median Price	% Price Chg	Median DOM
2009 (adj)	193	184	-14%	67
2008	249	214	-3%	64
2007	288	220	10%	70
2006	312	200	-14%	60
2005	368	233	10%	44
2004	296	212		30

Greater Portland Maine Housing Update

admin — Mon, 29 Jun 2009 11:21:44 +0000

As the spring season comes to an end, the state of Maine continues to weather a nasty bit of cloudy, rainy weather as of late, certainly not helping to encourage parties to buy property and real estate in Southern Maine. Interest rates spiked earlier this month but have since returned to very low levels. Buying activity remained quite strong in the communities surrounding Portland Maine, specifically the South Portland real estate markets. Look for a moderatly slow Summer season as the short sales and foreclosures continue to “gum up” and slow down the entire system. Thinking or renting instead of buying, take a look at Schneider Property Management, a Portland Maine apartment rental company when time permits.